WASHINGTON – The the pace of housing starts rose 3.0% to a 1.288 million seasonally adjusted annual rate in February, above expectations for an increase to a 1.265 million pace. This followed mixed revisions to the previous two months.
The February increase was entirely due to a 35.7% surge in the West region, which offset declines in the other three regions.
Single-family starts rose 6.5% in the month after a 1.2% increase in the previous month, while multi-family starts fell 3.7% after a 7.3% decline in the previous month.
The pace of unadjusted starts was 3.6% above its year ago level with single-family starts up only 0.9% over that period.
Building permits fell 6.2% to a 1.213 million rate in February, a slower rate than the 1.270 million pace expected. This could lead to a decline in the starts in the coming months.
Completions rose 5.4% in February. Homes permitted but not started were down 6.3% in February while homes under construction posted a 1.3% increase to 1.091 million units, the highest level since October 2007.
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